Finance (No. 2) Act 1931

1931 CHAPTER 49 21 and 22 Geo 5_cross-notes _I1

An Act to increase the Customs and Excise duties on beer and tobacco, the Customs duty on hydrocarbon oils, and the entertainments duty; to increase the standard rate of income tax for the year 1931-32, and the higher rates of income tax for the year 1930-31; to amend the Income Tax Acts in so far as they relate to certain reliefs and the tax payable by persons carrying on a trade consisting wholly or partly in dealing in securities; to amend section thirty-six of the Finance Act, 1931, and the law relating to the National Debt; and to make provision for certain matters connected with the matters aforesaid.

[5th October 1931]

^X1Part I

1—4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F2Part II.

6—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F3Part III.

11—19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F4Part IV Miscellaneous and General

20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F521 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F622 Provisions in cases where Treasury has power to borrow money. _cross-notes

(1)Any securities issued by the Treasury under any Act may be issued with the condition that—

(a)^F7so long as the securities are in the beneficial ownership of persons who are not ... resident in the United Kingdom, the interest thereon shall be exempt from income tax: and

(b)^F7so long as the securities are in the beneficial ownership of persons who are [^F8not^F8] ... resident in the United Kingdom, neither the capital thereof nor the interest thereon shall be liable to any taxation present or future.

^F9(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F1024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F1125 †Construction; short title and repeal. _cross-notes

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F12(2)This Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts.

(3)Any reference in this Act to any enactment shall be construed as a reference to that enactment as amended by any subsequent enactment including (save where the context otherwise requires) this Act.

(4)This Act may be cited as the Finance (No. 2) Act, 1931.

(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F13^,^F14^,^F14SCHEDULE 1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F15^,^F15SCHEDULE 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F16^,^F16SCHEDULES 3, 4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F17^,^F17SCHEDULE 5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

in force	Provision is in force
in force*	In force only for specified purposes (see footnote)
not in force	Not in force in England (may be in force in other geographies, see footnotes)
defined term	Defined term
_dfn	Defined term (alternative style)

in force

Provision is in force

in force*

In force only for specified purposes (see footnote)

not in force

Not in force in England (may be in force in other geographies, see footnotes)

defined term

Defined term

_dfn

Defined term (alternative style)

footnote	commentary	related provisions	insert/omit
C1	Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3
C2	General amendments made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10)
C3	S. 22 amended by Finance Act 1940 (c. 29), s. 60; modified retrospectively by Finance Act 1951 (c. 43), s. 34 (s. 34 repealed in relation to deaths occurring after 13.4.1975 and, so far as regards the duties referred to in s. 52(2)(b) of the repealing Act, in relation to any death, by Finance Act 1975 (c. 7, SIF 99:3), ss. 52(2), 59, Sch. 13 Pt. I note (with a saving in s. 52(3) in relation to repayment or allowance in respect of sums paid before 13.3.1975 on account of the said duties)) and modified by Finance Act 1966 (c. 18), s. 41 and (N.I.) by Finance Act (Northern Ireland), 1967 (c. 20), s. 2 (Finance Act 1966 (c. 18), s. 41 repealed in relation to deaths occurring after 13.4.1975 and, so far as regards the duties referred to in s. 52(2)(b) of the repealing Act, in relation to any death, by Finance Act 1975 (c.7, SIF 99:3), ss. 52(2), 59, Sch. 13 Pt. I note (with a saving in s. 52(3) in relation to repayment or allowance in respect of sums paid before 13.3.1975 on account of the said duties))
C4	Unreliable marginal note.
F1	Ss. 1–4 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I		repealed
F2	S. 5 repealed by Finance (No. 2) Act 1940 (c. 48), s. 42(8), Sch. 10		repealed
F3	Ss. 6–10 repealed (with savings) by Income Tax Act 1952 (c. 10), s. 527, Sch. 25		repealed
F4	Pt. III (ss. 11–19) repealed by Statute Law Revision Act 1950		repealed
F5	S. 20 repealed by Finance Act 1936 (c. 34), s. 33, Sch. 3 Pt. II		repealed
F6	S. 21 repealed by Statute Law Revision Act 1959		repealed
F7	Word in s. 22(1)(a)(b) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 114(1) (with Sch. 46 para. 114(2)-(6))	this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.	omitted
F8	Word in s. 22(1)(b) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 24(1) (with Sch. 9 para. 24(3)(4))	this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.	substituted
F9	Ss. 22(2), 23 repealed (with saving) by Income Tax Act 1952 (c. 10), s. 527, Sch. 25		repealed
F10	Ss. 22(2), 23 repealed (with saving) by Income Tax Act 1952 (c. 10), s. 527, Sch. 25		repealed
F11	S. 24 repealed by Statute Law Revision Act 1950		repealed
F12	S. 25(1) repealed by Finance Act 1964 (c. 49), s. 26(7), Sch. 9		repealed
F13	S. 25(5) repealed by Statute Law Revision Act 1950 (14 Geo. 6 c. 6)		repealed
F14	Schedule 1 repealed by Finance Act 1964 (c. 49), s. 26(7), Sch. 9		repealed
F15	Schedule 2 repealed by Finance (No. 2) Act 1940 (c. 48), s. 42(8), Sch. 10		repealed
F16	Schedules 3, 4 repealed (with savings) by Income Tax Act 1952 (c. 10), s. 527, Sch. 25		repealed
F17	Schedule 5 repealed by Statute Law Revision Act 1950 (14 Geo. 6 c. 6)		repealed
I1	Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991.		repealed
X1	General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act

Finance (No. 2) Act 1931

1931 CHAPTER 49 21 and 22 Geo 5cross-notes I1

X1Part I

1—4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2Part II.

6—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3Part III.

11—19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4Part IV Miscellaneous and General

20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F521 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F622 Provisions in cases where Treasury has power to borrow money. cross-notes

23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1125 †Construction; short title and repeal. cross-notes

F13,F14,F14SCHEDULE 1

F15,F15SCHEDULE 2

F16,F16SCHEDULES 3, 4

F17,F17SCHEDULE 5

Status of changes to instrument text

1931 CHAPTER 49 21 and 22 Geo 5_cross-notes _I1

^X1Part I

^F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F2Part II.

^F3Part III.

^F4Part IV Miscellaneous and General

^F521 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F622 Provisions in cases where Treasury has power to borrow money. _cross-notes

^F1024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

^F1125 †Construction; short title and repeal. _cross-notes

^F13^,^F14^,^F14SCHEDULE 1

^F15^,^F15SCHEDULE 2

^F16^,^F16SCHEDULES 3, 4

^F17^,^F17SCHEDULE 5